This week at Mega Agent Camp in Austin, Texas, Gary Keller, the co-founder and executive chairman of Keller Williams, and Andy Florance, the co-founder and CEO of CoStar, had a candid conversation on entrepreneurship and technology.
Florance, one of the longest-serving CEOs in modern business history, reflected on his 38.5 years at the helm of CoStar. He recounted the company’s early days, combining his passion for real estate with cutting-edge technology to create one of the most influential platforms in the industry.
“I come from a family, a real estate family,” said Florance. “Mom was a real estate agent for 50 years. My brother has been a real estate agent for 45 years, and my dad’s an architect who was doing residential and commercial. I got my real estate license in my sophomore year in college.”
The Drive Behind Decades of Leadership
Despite the challenges of leading a company for nearly four decades, Florance expressed that his drive comes from innovation and making a tangible difference in the industry.
“If I didn’t make any money doing it, I would still come back,” said Florance, emphasizing his enduring passion for creating new products that impact the market.
“When we create some new sort of analytic something, or we create a new product, and it works, and it changes something – that is my passion,” said Florance.
Embracing Growth and Relationships
During the conversation, Keller asked Florance what advice he would give the more than 4,700 agents attending Mega Agent Camp on running a business.
“Never stay too comfortable in what you’re doing and continue to grow and change it up,” said Florance. “One of the great pleasures I get in doing what I do is relationships. I treasure a lot of the people I’ve had a chance to work with. Think of all the faces, all the people, and your kind of family in a way … so prioritizing [that] is important.”
Co-Starring WITH Agents
In a refreshingly transparent exchange, Keller asked Florance about some of the fears regarding CoStar’s long-term goals. Florance acknowledged others’ fears but stated that its almost 40-year track record of being a bridge between the agent and the consumer should speak for itself. Florance went on to extol the value of that bridge and pledged to continue to be a lead generation tool for real estate agents, an information source for buyers and sellers, and a friend to the real estate industry.
“We came up with CoStar, which is costarring with the agent,” said Florance. “We’ve always been a facilitator for the industry, partially because we’re not dumb enough to think we can take the agents out of the equation.”
Florance acknowledged that their mission has always been to be a facilitator rather than a disruptor.
Florance explained that CoStar’s residential expansion, particularly with Homes.com, is focused on empowering real estate agents rather than replacing them.
“We’re not a lead diversion site,” said Florance. “Our primary focus is creating marketing exposure for the properties, giving the agents a leg up when pitching and listing homes to help them differentiate themselves.”
During the interview, Florance highlighted Keller Williams® agents’ presence on Homes.com, noting that Keller Williams® agents have generated remarkable engagement on the platform. Between March and July 2024, Keller Williams® agents appeared 45 billion times in search results. Florance praised Keller Williams for being the biggest adopter of Homes.com.